You can also set the frontpage by going to Coherence > Theme Options > and selecting your page under the “Frontpage Settings” dropdown.

The vertical line is a part of the page title. Check Settings > General > Site Title and make sure the title and description are entered correctly. Another option to try is going to Settings > Reading and switch back to static page then go to Coherence > Theme Options and change your settings there. Finally, if that doesn’t work you may also want to look at a SEO plugin such as WordPress SEO where you can manually enter the page title which will overwrite any default settings.